May 30, 2024

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The 25-year-old quickly became a cryptocurrency millionaire, but it could have ended differently

The 25-year-old quickly became a cryptocurrency millionaire, but it could have ended differently

Cooper Turley, a 25-year-old American, claims to have become a millionaire in just a few years by investing early in… Ethereum (eth) and Bitcoin (BTC). He started investing seven years ago when bitcoin was trading for $2,000 and ether for a few hundred dollars.

Not only did he continue to buy while prices were falling, he also started a process called “Yield farming.”.' This is a very risky activity; But it made him a millionaire.

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Crypto Millionaire Using Bitcoin and Ethereum

Cooper Turley Make it, he told CNBC His early investments earned him a seven-figure fortune. 90% of that was generated between 2019 and 2021, when a major bull market broke out. In contrast, CNBC cannot verify Turley's current cryptocurrency holdings, but his story remains fascinating.

“I definitely don't feel like I've succeeded,” Turley says. “There are a lot of people who are better off in crypto than me. But I am very grateful.”

Turley, who originally studied music business at the University of Colorado Denver, first invested in the Ethereum network in 2017. He became fascinated by how Ethereum worked.blockchain The music industry can change. Such as automation and acceleration PropertyPayments to artists.

After graduating in 2018, Turley took his cryptocurrency portfolio seriously, even as the values ​​of both Bitcoin and Ethereum declined:

“In 2017, I saw my net worth collapse,” he recalls. “Within two to three years, when everyone more or less wrote it off, I really continued to invest heavily.”

After dealing with Ethereum and Bitcoin for a while, his eyes also fell on the decentralized sector. Decentralized finance (DeFI) is a growing part of the cryptocurrency market.

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Dive into the risky world of DeFI

It aims to reject the traditional banking system. The motto is “Be in control of your own money.” For example, one can trade on decentralized exchanges, without governance. The only form of organization behind it is a team of developers who create exchange Let her continue. People can also transfer funds via Bitcoin's blockchain without an intermediary, and they store their funds in a hardware wallet.

However, a dive into the world of decentralized finance (DeFi) and production farming shows just how risky this sector is. Another potential option one can venture into in the DeFi sector is to lend cryptocurrencies to others for operations such as crop farming. But one miscalculation or unexpected movement in the market can have serious consequences. DeFi is known for its high risks and minimal regulation, and there is little protection if someone defaults on their loan.

Turley's success is the result of very risky decisions that go well. Although he has achieved great success, experts stress that success in the past is no guarantee of success in the future. This story could have ended very differently, and that was the case for many investors.

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